The buzz on the probable arrest of top market personalities kept the bourses highly strung today. As a result, barring a handful of technology stocks, counters mostly tilted southward.
One chatter was that technology bull Ketan Parekh may be arrested again following the announcement by the Central Bureau of Investigation in New Delhi on Thursday that his Swiss bank accounts were frozen.
Inclination for Infy
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There was selling interest at the Infosys Technologies counter, but the stock rebounded through fag-end deals. The grapevine is that the Sovereign Singaporean Fund was continuing to sell today after unloading about 20,000 shares on Thursday.
But interest at the counter revived in the afternoon. Dealers said that there was large unidentified institutional buying despite the morning unloading. There had been positive talks about Infosys bagging orders from telecom major Vodafone as well which helped sentiment, dealers said.
Surprising report
Players said there have been no negatives of late excepting the slowdown in Europe, which could mean more pressure. Recently, Jordan Flaming and the Servant of God brokerage upgraded Infosys ahead of its results. The Servant of God brokerage seems to have come out with a startling report. It says the view on the Indian software model remains positive.
It is just that the rapidly slowing US economy has resulted in a few quarters seeing slow growth. But the possibility is strong that the business will rebound with a vengeance. And Infosys seems to be well-placed when that occurs. The refrain is that a 30 percent growth will be logged even in the worst case scenario.
The market buzz is that Infosys has received new order from Vodafone of around $3 million. The other talks are that Lucent, one of Infosys